The Wide Bay Regional Drive Wreck Advisory Group estimated the cost to prepare ex-HMAS Tobruk for scuttling to be $6 million, with Fraser Coast Regional Council and Bundaberg Regional Council each committing $1 million towards the project.

"As I've stated on multiple occasions, a Tobruk dive site has the potential to contribute between $1 million and $4 million each year to the local economy," Mr Pitt said.

"This will be a great rate of return for a one-off estimated investment of approximately $6 million."

"It would provide our local tourism operators with another water-based attraction that will keep boats in the water during the months that humpback whales and loggerhead turtles are not in the region."

Mr Pitt said the dive wreck could bring thousands of divers to the region.

"The HMAS Adelaide in New South Wales attracts about 5000 divers each year, with at least 90 percent of divers coming from outside the region and 20 percent from overseas.